Patkol Plc (PATKL), a manufacturer of ice-making machine, commercial refrigeration, and food and diary processing plants, said it is filing for assets protection with the arbitration court under a rescue plan to restructure its debts and liquidity.

Patkol’s managing director Piya Chongwattana said the company remains having the ability to generate cash to repay debt for a certain period.

The company recorded losses of 511.90 million baht in a current lawsuit it filed against T.P.K Ethanol Co., Ltd. and Thai Military Bank Plc for agreement violation, which effectively dissolved the company’s owner equity into minus territory of 763.37 million baht.

Mr. Piya said it is difficult to guess which decision the court would make or which side it will be awarded.

He said the company would be however able to record the figure as revenue if the case is closed, but arbitration court processes are expected to take years to complete.

Patkol reported a net quarterly loss of 882.0 million baht for January to March period, compared with a net loss of 552.0 million baht for the period in 2008.

The company admitted that its rush entering into a construction industry without experience last year has acerbated adding batch of court cases to its management’s handle list.